DOMESTIC HIGH RISK MERCHANT ACCOUNT OPTION
The most efficient option for your
business may be a “Domestic Merchant
Account”. The reason for this is when
your account provider and your business
are set up in the same country then you
will be more familiar with the rules and
laws of the country which makes it
easier to do business. But, in the case
of an offshore account, the chances of
that entity being absolutely familiar
with the business codes and rules of
your country will be less. Therefore, it
will become more complex for you to
maintain your merchant account.
Having a “Domestic Merchant Account” has
may other advantages which will benefit
your business in many other ways also.
When you select your lender, you will be
able to choose the one with whom you
have done business with in the past. In
this way there will not be any problems
of trust which will enable you to do
business smoothly. If, you did not do
business with the bank directly then, at
least you may know people who have done
business with the bank or the financial
institution. Also, you would have read
or seen news about the bank on your
local news channel or the local business
paper. Therefore, you can be more
informed about the banks activities.
Also, since you are working with an
institution that you trust, you will be
able to build good relationships which
can be taken ahead to do more good
business. You will also be able to get
other merchant accounts or lower rates
and fees which will help your business
in more ways than one. It will be
beneficial to both the parties.
Obtaining a “Domestic Merchant Account”
is much easier than an offshore merchant
account. You can just go to any local
bank or any of its branch offices to get
your merchant account. You may even be
familiar with some of the employees
there which makes it even easier as
those people will do all the formalities
required to open a merchant account.
However, in case of an offshore bank you
might not know any one who can help you
with out any bias.
Now let’s come to the most important
aspect of it: Fees. For the "Domestic
Merchant Account” the fees and charges
will be much clearer as it will be
explained in your local currency.
However, in case of an “Offshore
Merchant Account” it will take some
effort and time before you understand
the fees and charges. However, several
merchant account providers take care of
this problem by processing the payments
in your homeland’s currency. But,
understanding the news in terms of your
own currency is much easier.
Obtaining an account to accept credit
card payments is the best method to
expand your business. Even more, if you
can accept credit card payments from
around the world then your business can
grow exponentially. However, while
thinking whether you should partner with
a local lender or an international one,
you should be aware of the benefits
offered by the “Domestic Merchant
Account”.
Contact
one of our helpful account
representatives to assist you in the
setup of
a
high risk merchant account or
offshore merchant account for a
high risk merchant. |